Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Summary of Disaggregation of Lease Income

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income three months ended March 31, 2023 and 2022:

	2023		2022
Rental income
Fixed and in-substance fixed lease income	$	1,203,924	$	1,085,741
Variable lease income		79,821		71,253
Other related lease income, net:
Amortization of below-market leases		26,114		23,841
Straight line rent revenue		16,848		1,100
Total rental income	$	1,326,707	$	1,181,935

Summary of Concentration of Risk Percentage of Tenants

For the three months ended March 31, 2023 and 2022, we had four tenants that each account for more than 10% of our annual rental revenue as indicated below:

	2023			2022
General Services Administration - Norfolk, VA & Manteo, NC		23	%		22	%
PRA Holdings, Inc. - Norfolk, VA		16	%		16	%
Pratt & Whitney Automation, Inc. - Huntsville, AL		15	%		15	%
Kohl's Corporation - Tucson, AZ		17	%	Less than 10%

Summary of Future Minimum Rental Payments Due to the Company

The following table presents future minimum rental cash payments due to the Company over the next five calendar years and thereafter as of December 31:

	As of March 31,
	2023
2023 (9 months remaining)	$	3,543,139
2024		4,785,452
2025		4,635,711
2026		4,513,724
2027		3,919,118
Thereafter		5,210,921
	$	26,608,065

Summary of Future Minimum Rental Cash Payments Due and Undiscounted Future Cash Flows

The following table summarizes the undiscounted future cash flows for subsequent years ending December 31 attributable to the lease liability as of March 31, 2023 and provides a reconciliation to the lease liability included in the accompanying Consolidated Balance Sheets as of March 31, 2023.

	As of March 31,
	2023
2023 (9 months remaining)	$	174,525
2024		244,077
2025		245,111
2026		245,111
2027		245,111
Thereafter		21,820,644
Total undiscounted liability	$	22,974,579
Present value discount		(16,603,853	)
Lease liability	$	6,370,726
Discount rate		4.58	%
Term Remaining	61 years